MelodieWarner

The company also raised its quarterly dividend 9% to 62 cents from 57 cents, the second increase this year.

The distributor of air-conditioning, heating and refrigeration equipment has seen its revenue and profit improve since forming a distribution venture with United Technologies Corp.'s (UTX) Carrier unit in 2009. The joint venture nearly doubled Watsco's size and scope and significantly expanded its presence in the U.S. Sunbelt and, more recently, the Northeast. The company also agreed in July to partner with Carrier's distribution operations in Mexico.

Watsco reported a profit of $33.5 million, or $1.02 a share, up from $31.4 million, or 97 cents, a year earlier. Revenue jumped 12% to $914 million.

Analysts polled by Thomson Reuters had most recently forecast earnings of $1.14 on revenue of $917 million.

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